USDEUR Short current 0.8477 2Oct17A pullback on the US Dollar has given as an opportunity to short.
Risk Reward 2.87:1
Sean Vengan
Professional Trader and Trading Educator
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Currencytrading
EURGBP: Tumbles, Continues To Retain Its Downside PressureEURGBP- The cross continues to hold on to its downside pressure selling off on Thursday and opening the door for more weakness. Support lies at the 0.8850 level where a violation will turn focus to the 0.8800 level. A break will expose the 0.8850 level. Resistance resides at the 0.8900 level where a violation if seen will turn risk towards the 0.8950 level. Further up, resistance resides at 0.9000 level followed by the 0.9050 level. Its daily RSI is bearish and pointing lower suggesting more weakness. All in all, EURGBP remains biased to the downside on further weakness
USD/JPY (Short-Term-Trade) - Market Update Could we see a possible down-side for USD/JPY? Previously we have seen that price went into a small bullish trend. As you can see it didn't go too far; as it rejected our Major Trend-Line. That area was a extreme critical area as it aligned with a Major 38.6% Fibo area.
What do I need for a entry? If we manage to see price closing -BELOW- our Minor Trend-Line I will be placing a -SELL- a good area of T/P would be our Weekly Support as well as our Previous -27.20% Fibo area. We have a few T/P extensions that are not shown above.
Regarding a upside movement we are kinda far away from one as of right now. We would need price to close -ABOVE- our major trend-line so we can continue a upside movement. But at least for now I don't see that happening.
*This is NOT a signal, for any specific pair review please send me a message or email me at TheForexClubFX@gmail.com
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XAU/USD (Short-Term-Trade) Aggressive Entry We are placing a -SELL- on gold as we saw that price has closed below our Minor trend-line. Now we are placing a pretty aggressive entry. When the 4H candle closes if it closes -BELOW- our Trend-Line as well; we will place another entry with a bigger lot size. Analysis was posted on our free telegram.
*This is NOT a signal.
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EUR/GBP (Short-Term-Trade)We have seen a minor pull-back. Price has broken our Minor Trend-Line and I can see a down-trend. We have already placed a -SELL- for a Medium-Term-Trade this is just an extra entry.
Our T/P is going to be set to our -27.20% but we may extend it later on.
*This is NOT a signal.
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USDJPY SHORT TRADE Currently short USDJPY as the risk off scenario looks to continue with geo-political tensions growing between the US and North Korea we are seeing safe haven currencies and commodities appreciating.
Watching the 1HR charts we can see that price has respected the dynamic resistance of the 20EMA and created a C2 close off a 61.8 Fibonacci retracement.
STRATIS on alert for a long opportunity Looking for Stratis to bounce here providing us with a long trigger. We have potential support both on the base of the Ichimoku cloud and a trendline
Note there is no signal yet, so therefore no entry yet but stay Alert.
Another very low risk High Reward POTENTIAL setup.
Be patient - wait for SIGNAL.
Hope this helps.
Sean Vengan
Professional Cryptocurrency Trader and Trading Educator
Big pips either directionAs we go into the end of the month and ultimately into August, the infamous low volume month, I will be looking for two things on this pair. GBPJPY will likely get choppy but not like the rest, it can move so much more than other "normal" pairs.
Pretty simple set up here:
1. Sell break of 144.90 targeting 144.00
2. Wait for a push higher and look for a break of 148.00 or rejection off that level.
If 144.90 area breaks sooner than later, that should be an easy 100 pips, otherwise it turns into a bigger waiting game.
USD/JPY continues the downtrendThe US dollar showed more weakness yesterday as it fell down towards our projected 1.27 Fibonacci extension (~112) from it's previous leg down (113.6 - 112.26) and managed to bounce back up from there towards the 0.38 Fibonacci retracement level, waiting for more downside as it couldn't break it.
Rising wedge- it's almost go time!Look for quick profits here, we have a rising wedge on the hourly chart, this isn't likely to be a HUGE move but I think it'll be worth our time. Not to mention I like NZD weakness set ups on a few other pairs, namely NZDJPY and GBPNZD.
Pretty simple, we have two weekly pivots that haven't been touched below with a monthly pivot anticipated around .7020 area.
Look for a move of 60-80 pips here once the rising wedge breaks and price starts to print below the pattern.
When this break, I'll put stops above the highs, target the 1st weekly (soon to come monthly as well) pivot and let a small portion run to the second pivot if price is cooperating.
A quick 100 pips (HIGH PROBABILITY SET UP!)This may look like just a simple channel/trend line break out, which it is (think "no country for old men").
What makes this a great high probability set ups is the line up of multiple missed weekly pivot points.
Two ways to trade this:
1. short trend line break, have 70-80 pip stops above recent highs and target weekly pivot at 1.7520.
2. OR you can trade it the same way with an adjustment to the stop, only staying in the trend if it can stay below the trend line (limits draw down but is more aggressive stop)
Either way it's a great set up and should be good for 100 pips.